Seshaasai Technologies IPO GMP: Seshaasai Technologies is set to make its stock market debut on Tuesday, September 30, and the grey market premium (GMP) indicates a healthy start for the issue. The IPO allotment was finalised on September 26 after the subscription window that ran from September 23 to September 25. The IPO was priced in a band of ₹402–423 per share.
Seshaasai Technologies IPO GMP
The Seshaasai Technologies IPO GMP stood at ₹41 on Monday, implying potential listing gains of around 9.69 percent. Based on this premium, shares are expected to list at approximately ₹464, compared to the upper price band of ₹423.
Expert Take
“Investor appetite has been very strong for this IPO, with nearly 70 times overall subscription and QIBs bidding close to 190 times,” said Harshal Dasani, Business Head, INVasset PMS. He added that the ₹813 crore issue highlights confidence in the company’s leadership as India’s second-largest card manufacturer with about 32 percent market share.
According to Dasani, the company’s revenue rose from about ₹1,146 crore in FY23 to ₹1,463 crore in FY25, with EBITDA margins expanding to 24.6 percent.
“ROE and ROCE remain strong at ~35% and ~32% respectively, while the company looks to deploy proceeds towards debt reduction and capacity expansion in premium card offerings like metal and biometric formats.
The sector’s tailwinds—rising adoption of EMV, fintech co-branded cards, and secure IoT-enabled solutions—offer Seshaasai a scalable runway. Valuations around 28 times FY25 earnings appear reasonable given the growth trajectory, though BFSI client concentration is a key risk. With retail subscribed over 9 times and non-institutional nearly 51 times, sentiment is buoyant. The grey market premium suggests a steady debut, making this primarily a listing gains candidate, with potential for a longer hold if execution on IoT diversification and deleveraging stays on track,” he added.
Seshaasai Technologies IPO Subscription Status, Key Details
The ₹813.07 crore IPO saw robust demand across categories. QIBs subscribed 189.49 times their quota, NIIs 51.43 times, and retail investors 9.46 times. The employee portion, which carried a ₹40 discount, was subscribed 9.50 times.
The offer included a fresh issue of 1.13 crore shares worth ₹480 crore and an OFS of 0.79 crore shares worth ₹333.07 crore. Promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain participated in the OFS.
Investors could apply for a minimum lot size of 35 shares, requiring a retail investment of ₹14,805 at the top price. The issue also includes a reservation of up to 52,219 shares for employees at a discount of ₹40.00 per share.
Proceeds from the fresh issue include ₹195.33 crore earmarked for capital expenditure on existing manufacturing units and ₹300 crore for loan repayment or prepayment, apart from general corporate purposes.
IIFL Capital Services Ltd is the book-running lead manager, while MUFG Intime India Pvt. Ltd is the registrar for the issue.
About Seshaasai Technologies
Incorporated in 1993, Seshaasai Technologies Limited is a technology-driven, multi-location solutions provider specializing in payment systems, communications, and fulfilment services, with a primary focus on the banking, financial services, and insurance (BFSI) sector.
The company utilizes proprietary platforms to deliver scalable, recurring solutions that support BFSI operations across India. In addition, it provides Internet of Things (IoT) solutions to clients across a diverse range of industries.
It operates 24 manufacturing units across seven locations in India, supported by advanced machinery and skilled personnel. Financially, it has reported strong growth with revenue from operations climbing from ₹672.56 crore in FY22 to ₹1,558.26 crore in FY24, a CAGR of 52.21 percent. Net profit surged from ₹37.35 crore in FY22 to ₹169.28 crore in FY24, representing a CAGR of 112.88 percent.
